Why Prepare A Business Plan Dictionary Of Papermaking Terms

Use your plan to dip your toe in the business water.

It's the perfect way to review and revise your ideas and concepts before you ever spend a penny.

Maybe you think you don't need a step by step guide to writing a great business plan.

Why Prepare A Business Plan-24Why Prepare A Business Plan-68

Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.Does a business plan make startup success inevitable? But great planning often means the difference between success and failure.Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.Think of it as a written elevator pitch (with more detail, of course).Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.Work hard to set the stage for the rest of the plan.After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success.If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.After all, some entrepreneurs succeed without writing a business plan.With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.

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